KILT Plans for Crowdloan; Coins Reserved to Thank Community
KILT is busy preparing for the next round of Kusama parachain auctions, and aims to secure one of the first slots using the Kusama crowdloan mechanism.
To encourage community participation, we have reserved 4.5 million KILT Coins of the initial distribution to thank the community for voting in support of our auction bid. This reserve was designed so that it will not introduce extra inflation into the system.
The legal entity behind KILT Protocol will also participate in the crowdloan vote, but will be excluded from receiving any of these reserved KILT Coins.
After we secure the slot, KILT’s parachain will launch with significant activated functionality: staking and our initial token economy. This means staking will be possible on KILT from genesis. KILT’s updated token metrics will be published shortly.
After Kusama auctions are announced, we will post guidelines for our crowdloan including how the reserved KILT Coins will be made available to governance, after KILT mainnet is live and decentralised.
We look forward to this exciting phase of launching KILT Protocol!